What News Stories are Most Affecting Economic Outlook?
News stories in May about the political environment most affected the economic outlook of Affluent investors, according to a new Spectrem Group survey.
The political environment and political gridlock trump such economic issues as tax increases, terrorism and the national debt, according to Spectrem wealth level research. So it is not surprising that they would be most focused on stories concerning ongoing clashes between the White House and Congress. And it’s not always partisan politics. In May, for example, President Obama was pitted against members of his own party over his free trade initiative, a measure that would give the President the power to submit trade deals to Congress for a yes or no vote with limited debate and no amendments. But partisanship flared up in the aftermath of the Amtrak train crash that left eight dead and more than 200 injured. House Speaker John Boehner railed against a reporter’s “stupid question” about whether the fatal crash was caused by a lack of federal funds on the day after the Republican-run House Appropriations Committee voted to cut Amtrak’s budget for next year and voted down a Democratic effort to get more federal funds for the railroad.
International news is also uppermost on Affluent investors’ minds, as are news stories about unemployment, the Spectrem survey found. International news in May was dominated by continued stalemate in Greece’s push for bailout extensions that would help it to avoid default. On a more positive note, the news on unemployment in May was all good, as initial claims for unemployment dropped to a 15-year low in May and the unemployment rate fell to 5.4 percent, the lowest since May 2008.
Concerns over terrorism were heightened in May as ISIS continued its incursions in the Middle East. For the first time, the group claimed an attack on U.S. soil following a shooting in Dallas early in the month outside a controversial cartoon competition that lampooned the Prophet Muhammad.
Other news stories most affecting Affluent investors’ economic outlooks dealt with the economy, stock market conditions and oil prices, survey respondents noted.
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